Will Amazon Tap Alexa To Challenge PayPal In Money Transfers?

Add Amazon.com (AMZN) and its voice-activated Alexa digital assistant to the growing list of rivals aiming to take on the money transfer service of PayPal Holdings’ (PYPL) Venmo.

 

Shares in PayPal plunged 4% to close at 73.86 on the stock market today amid a Wall Street Journal report that Amazon is mulling whether to use Alexa to start a person-to-person payment service like Venmo. Amazon dropped 3.2% to 1,405.23, but that was after President Donald Trump said he would order a review of government policies that might affect Amazon.

Apple (AAPL) and Square (SQ) are among companies that have already launched Venmo-like services. Zelle, also a person-to-person payment app, was launched by 30 U.S. banks in September.

With Venmo, consumers link a bank account to a smartphone app and send money to friends or family using an email address.

Amazon uses artificial intelligence tools to make its Alexa digital assistant useful for shopping and other tasks. Alexa is built into Amazon’s popular Echo-branded home appliances. Echo owners would need to link their bank accounts to their Amazon account to enable money transfers.

Artificial Intelligence News

  • Home Mini bundle for $129 comes with a $50 Hulu gift card

    This discounted Google Home Hub + Google Home Mini bundle for $129 comes with a $50 Hulu gift card Control smart home devices, rock out to your favorite tunes, and more. Every so often, we'll see a stellar deal on the Google Home Hub that makes picking one up super…(read more...)

  • How did Google convince phone makers to add a Google Assistant button?

    Voice assistants like Siri, Bixby and Google Assistant have been steadily integrated into our tech, eager to help us with our everyday tasks and answering our trivial questions. They can now be found on watches, TVs, speakers and, of course, their birthplace: smartphones. It’s always been relatively easy to activate…(read more...)

  • Apple Acquires Startup Laserlike To Boost Siri: Report

    Apple has acquired a startup specializing in machine-learning technologies as part of the ramp up of its artificial intelligence group led by a former Google executive, according to a report. The startup, Laserlike, was founded by three ex-Google engineers and will join the AI group headed by Google’s former AI…(read more...)

MORE STORIES